lol...name change 2.9 months ago???...yup funny
even funnier is what they said 2008
During 2008, many shareholders have contacted the company since the "Flushaway" contracts were acquired. The Company addressed the shareholders' most pressing concern to inform them there were no plans to execute a reverse split in the foreseeable future, as per previous public news releases. As of February 4, 2009, the Company currently has in excess of 6500 shareholders with 19.85 billion shares outstanding and 25 billion shares authorized. It is possible that the company may issue shares in 2009 to further the business plan but not at these price levels. The company also has no intention in the foreseeable future of raising the authorized capital above the current level of 25 billion shares. The company has been contemplating a buyback at the current historic lows but no decision has been made at this time.
Both business units will require capital moving forward to complete their business models. A strain on capital would be too great and dilutive for one company to bear. Separating these business units by way of a stock dividend aims to serve several purposes. First, shareholders of PayChest Inc. will receive shares in a new publicly traded company while continuing to hold onto their PayChest Inc. shares.
That gives shareholders significant upside in two public entities. Each company will have separate management and a separate stock symbol. The new public entity can raise its own capital to further that business model without diluting or affecting the present PayChest Inc. shareholders.
The new control group is awaiting some final documentation necessary to complete the dividend process. As part of the dividend process, there will be a name change and symbol change. A new company name has already been secured and will be available when the dividend process is complete. This is being done to better reflect the new direction of the company.
Due to changes in securities law, the company has had to change the way the dividend was to be spun out as a free trading dividend. The dividend process has taken far longer than anticipated and steps are being made to expedite the process. This remains a priority for the Company. The new control group is awaiting some final documentation necessary to complete the dividend process. As part of the dividend process, there will be a name change and symbol change. A new company name has already been secured and will be available when the dividend process is complete. This is being done to better reflect the new direction of the company.
